MEXICO CITY, Mexico, May 06-2015.- Yanis Varoufakis, Greek Finance Minister believes are needed greater efforts to move the country forward and proposed establishing a “bad” bank to remove the burden of toxic assets in the financial sector of Greece and a development bank seize public assets.
“It will be necessary to create two new public institutions to work together with the private sector and the European institutions”, with the goal of returning to give credit to profitable companies and export-oriented, wrote in an article published in Project Syndicate .
According to the minister, the development bank would leverage the guarantees covered by the assets that the State has retained after privatization, as well as other assets, as well as linking the Greek private sector the European Investment Bank and funds Juncker plan.
Meanwhile, the bad bank would help the financial sector to change its inherited burden of bad debts and release their financial network, helping over time to enable him to end up giving benefits and become “good”.
Finally, Varoufakis believes that these two institutions would be an excellent opportunity in a world of extremely low interest rates and receive a steady flow of foreign direct investment.
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